Chap. 388.—An ACT authorizing the Covington school board to borrow money

Approved February 24, 1894.

1. Be it enacted by the general assembly of Virginia, That it
shall be lawful for the board of school trustees of Covington school
district, in Alleghany county, to borrow money, not to exceed the
sum of three thousand five hundred dollars, and to issue bonds
therefor, to bear interest at a rate not greater than six per centum
per annum.

2. That the money so borrowed by said board shall be expended
for the purpose of building a suitable and sufficient school-house in
the town of Covington, in the said Covington school district.

3. That the said bonds shall be in such denominations as the said
board shall prescribe, and bear interest, not to exceed six per centum
per annum, payable annually, and the principal thereof to be paid
in not less than five years nor more than twenty years after date;
the said board to reserve the privilege of paying the same at any
time, and shall be in the form following:

Know all men by these presents, That the Covington school district,
of the county of Alleghany, state of Virginia, is justly indebted to
,or bearer, in the sum of dollars, redeemable at the
pleasure of the board of trustees of said district, and payable on the
day of , to bear six per centum interest from date, paya-
ble annually. In testimony whereof the board of school trustees of
the said district has caused the corporate seal of said district to be
affixed thereto, and these presents to be signed by its chairman, and
aitested by its clerk, this day of
And shall be signed by the chairman and attested by the clerk of
said board, and have the corporate seal of the district affixed thereto.

4. That when the said bonds shall be issued in accordance with
this act, the property of said school district shall be pledged for pay-
ment of the principal and interest thereof, according to their tenor
and date. And the said board of school trustees shall provide for
the payment of the accruing interest, and at least one-twentieth of the
principal of said bonds annually, and shall include in the annual
estimate of the amount which will be needed in said district under
clause eight, section fourteen hundred and sixty-six, of the code of
eighteen hundred and eighty-seven, a sufficient sum for that purpose
in addition to what shall be necessary to defray other lawful expenses
therein mentioned, which sum shall be appropriated to the payment
of said interest and provide a fund for the redemption of said
bonds.

5. That said bond or bonds may be issued and sold by said board
for the purpose of raising said sum of money: provided they shal]
not be sold for less than their par value.

6. This act shall be in force from its passage.